External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We believe the share price pullback since Feb has, to a certain extent, priced in the policy change in Kazakhstan uranium industry as well as the high sulphur price arising from the Middle East conflict.</li><li>We see several near-term positive catalysts: (1) a resilient trend of spot uranium price, supported by strong contract price; (2) the easing tension in the Middle East to help stabilize the price of sulphur; (3) the commencement of Kazatomprom’s (KAP LN, NR) sulphuric acid plant in early 2027 will help reduce the cost of sulphuric acid.</li><li>We continue to like the favourable demand/supply profile of uranium, driven by tight mine output but higher nuclear power demand fuelled by AI. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the share price pullback since Feb has, to a certain extent, priced in the policy change in Kazakhstan uranium industry as well as the high sulphur price arising from the Middle East conflict.We see several near-term positive catalysts: (1) a resilient trend of spot uranium price, supported by strong contract price; (2) the easing tension in the Middle East to help stabilize the price of sulphur; (3) the commencement of Kazatomprom’s (KAP LN, NR) sulphuric acid plant in early 2027 will help reduce the cost of sulphuric acid.We continue to like the favourable demand/supply profile of uranium, driven by tight mine output but higher nuclear power demand fuelled by AI. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGN Mining (1164 HK) - Buying opportunity supported by near-term catalysts

<ul><li>What’s new? According to news report (link), the draft by Kazakhstan lawmakers to tighten the control of uranium mining JVs has been passed by the lower house and await Senate review. </li><li>The draft requires Kazatomprom (KAP LN, NR), the state-owned and world largest uranium producer in terms of production volume, to receive 90% stake in JV upon contract renewal.</li><li> KAP has long been having a number of JVs with different foreign partners in uranium mining in Kazakhstan.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

What’s new? According to news report (link), the draft by Kazakhstan lawmakers to tighten the control of uranium mining JVs has been passed by the lower house and await Senate review. The draft requires Kazatomprom (KAP LN, NR), the state-owned and world largest uranium producer in terms of production volume, to receive 90% stake in JV upon contract renewal. KAP has long been having a number of JVs with different foreign partners in uranium mining in Kazakhstan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGN Mining (1164 HK) - Newly Proposed Policy in Kazakhstan...

Thematic (Sector/Industry)

<ul><li>Our bottom-up industry analysis suggests that nuclear power demand in 2026- 30 will likely see upside surprise on the back of power plant’s resumption in the US, with structural AI-driven demand growth in the long run (post-2030).</li><li>On the supply side, however, we forecast existing uranium mines’ output to peak in 2027, while new mines contribution will increase from 4% in 2027 to 17% in 2030, making the overall supply vulnerable to potential delay in commencement.</li><li>The analysis implies that uranium pricing will be wellsupported by the tight supply that could last longer-than-expected, which reaffirms our positive stance on the uranium sector. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our bottom-up industry analysis suggests that nuclear power demand in 2026- 30 will likely see upside surprise on the back of power plant’s resumption in the US, with structural AI-driven demand growth in the long run (post-2030).On the supply side, however, we forecast existing uranium mines’ output to peak in 2027, while new mines contribution will increase from 4% in 2027 to 17% in 2030, making the overall supply vulnerable to potential delay in commencement.The analysis implies that uranium pricing will be wellsupported by the tight supply that could last longer-than-expected, which reaffirms our positive stance on the uranium sector. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Materials - Tight uranium supply continues to support a multi-year upcycle; Positive on CGN Mining

<ul><li>Kazatomprom (KAP LN, NR) announced on 17 Dec that its Russian partner, Uranium One Group (part of Rosatom), will sell the stakes in two JVs in Kazakhstan to China State Nuclear Uranium Resources Development and China Uranium Development Company.</li><li>This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power installation in China.</li><li>We expect more spending on exploration to boost reserves following the investment from China. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kazatomprom (KAP LN, NR) announced on 17 Dec that its Russian partner, Uranium One Group (part of Rosatom), will sell the stakes in two JVs in Kazakhstan to China State Nuclear Uranium Resources Development and China Uranium Development Company.This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power installation in China.We expect more spending on exploration to boost reserves following the investment from China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Materials - China to Secure More Uranium Resources in Kazakhstan

<ul><li>We maintain our construction stance on the uranium price, given the strong demand from nuclear power but uncertain uranium supply arising from the commencement of new mines (for details please refer to our sector report “Tight uranium supply continues to support a multi-year upcycle”).</li><li>We revise up our 2026E-27E earnings forecast by 9-11%, after incorporating higher uranium spot price assumptions.</li><li>We revise up our NPV-based TP to HK$3.67 from HK$2.42. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our construction stance on the uranium price, given the strong demand from nuclear power but uncertain uranium supply arising from the commencement of new mines (for details please refer to our sector report “Tight uranium supply continues to support a multi-year upcycle”).We revise up our 2026E-27E earnings forecast by 9-11%, after incorporating higher uranium spot price assumptions.We revise up our NPV-based TP to HK$3.67 from HK$2.42. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGN Mining (1164 HK) - Further Upside Driven by Higher Uranium Price

Hong Kong

CGN Mining Company Limited engages in the development and trading of natural uranium resources for nuclear power plants. It also invests in natural uranium resources and operates through Natural Uranium Trading and Other Investments segments. The company was founded in 1998 and is headquartered in Wan Chai, Hong Kong.

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CGN Mining (1164 HK)